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Home arrow Legal and Finance arrow Capital Gains Tax
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Capital Gains Tax PDF Print E-mail
Capital Gains Tax is implosed at the rate of 20% on gains from the disposal of immovable property situated in Cyprus including gains from the disposal of shares in companies which own immovable property excluding shares listed in any recognized stock exchange.

 

Exemptions

The following disposals of immovable property are not subject to Capital Gains Tax:

 

Tranfer arising on death.

Gift made from parent to child or between husband and wife or between up to third degree relatives.

Gift to a company where the company shareholders are members of the donor family and the shareholders continue to be members of the family for five years after the day of the transfer.

Gift by a family company to is shareholders, provided such property was originally acquired by the company by way of donation. The property must be kept by the donee for at least three years. Gifts that were made from the company to its shareholders and took place before 28 May 1999 the exemption applies irrespective of how the immovable property was originally acquired by the company.

Gift to charities and the Government.

Transfer as a result of reorganisations.

Exchange or disposal of immovable property under the Agricultual Land (Consolidation) Laws.

Expropriations.

Exchange of properties, provided that the whole of the gain made on the exchange has been used to acquire the other property. The gain that is not taxable is deducted from the cost of the new property.

 

Determination of capital gain

Liability is confined to gains accruing since January 1, 1980. The costs that are deducted from gross proceeds on the disposal of immovable property are its market value at January 1, 1980, or the costs of acquisition and improvements of the property, if made after January 1, 1980, as adjusted for inflation

up to the date of disposal on the basis of the consumer price index in Cyprus.

 

EXAMPLE

Sale price at 31 December 2002                                                                                                           80.000

Cost of acquisition at 1 January 1988                                                                                                (40.000)

Indexation allowance 1 January 1988 to 31 December 2002

C£40.000 @ 72,19%                                                                                                                          (28.876)

 

Capital Gain                                                                                                                                        11.124

 

Exemptions

Individuals can deduct from the capital gain the following:

                                                                                                                                                              

Disposal of private residence (subject to certain conditions)                                                          50.000

Disposal of agricultural land by a farmer                                                                                         15.000

Any other disposal                                                                                                                          10.000

 

The above exemptions are given only once and not for every disposal. An individual claiming a combination of the above is only allowed a maximum exemption of C£50.000.

                                                                                      PriceWaterhouseCoopers

 
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